Business Plan Prep: lndustry O X 6 C' i newconnectmheducation.com Apps C, New Tab * Bookmarks Congress" flashcar... POLI 1'l Quiz Chapt... Pt Dynamic Periodic T... Bio 1406 Unit 3 Fla... TUDYBLUE l Find... deletion: silent or n... Assess your under... Business Plan Prep: Industry Overview 0 Saved Help Save& Exlt Submit . . The business environment allows for like goods and services to be produced for economic gain and customer consumption. The major source of revenue for groups of companies that sell like products and services is characterized as an industry. Industries are classified in a variety of ways; one way starts with the three-sector economic theory, which includes primary (extractive), secondary (manufacturing), and tertiary (services; Some research authors will also include a fourth Part 4 of4 level, quina/y, a sector for culture and research. Below the economic classification of industries, falls the International _ Standard Industrial Classification (ISIC), which divides similar industries according to the markets, functions, and products and services that businesses provide, known as SIC codes Standard Industrial Codes (SIC) comprise a unique 4-digit code that identifies the hierarchy of market to products and services provided. Using the unique SIC code, users 2:": can research and begin to construct an industry overview. Skipped An industry overview or industry analysis provides basic information about an industry that a business will operate within. The industry overview can include a list of major competing companies, the number of people working in the industry, a reference point of qualifications needed to enter various job positions, the earnings of the industry in recent years, and projected market growth estimates Graphs and charts may be used to offer a visual representation of historical industry eBook . . . data and other key metrics that are helpful to Investors and nanCIers of the company Print Raierences Why This Matters: Most students are unfamiliar with the concept of product industry and industry overview (analysis). often overlooked by new business and or small business owners. The industry overview is critical to understanding the economic factors, the competitive environment, and the potential market value and prot of the industry. If the market is volatile, or if there are too many competitors, the market is considered to be saturated, with little opportunity for sustainable prots. Business owners may also use the information from the industry overviewto conduct additional market research on the market and its customers. Conducting an industry overview does not guarantee success in the market. Collecting the information needed to develop the industry overview takes more time than making the decision to move forward in business. Business owners should utilize information from a variety of business sources, i.e., industry publications; industry associations; local Chamber of Commerce, etc. before making a nal decision to start a business. Your Task: Read the industry details about Voluntrip, and then answer the multiple-choice questions that follow. Next, using the details provided, write your own industry overview for Voluntrip. A Closer Look: VoluntripIndustry Details o This question will be sent to your instructor for gradlng. M: CD a''\"
